Any NTers ever take out a personal loan? HELP

jewseejay

jewseejay

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So im gunna pop the question finally to my old lady and starting to realize my bull headed approach to spending as little as possible on an engagment ring is just not gunna fly hah in light of this i decide to take out a small personal loan.

Now im only talkin 5k or so and have pretty good credit so i m thinkin no problem. I do the lending club rate approval thing and they deny me immediately and send email saying I have too few number of open trades...

My credit score is 727. I dont make alot of money anymore but i also dont have much debt. My total debts are about half of my annual income. When they calculate the dti im not sure of they use monthly or yearly figures but i dont get it.

What should i do? Open another credit card and jus dont use it n wait for the hard inquiry to drop off?

I couldddd jus save the money but aint nobody got time fo dat. Thought this was america

Thoughts?
 
^ It's a good point, though. How important is an expensive ring to your lady? And how ready are you guys to be married now? I've known tons of couples who marry on a shoestring budget (inexpensive ring, small ceremony) because they'd rather start life together in good financial shape (maybe buy a house, pay off some student debt), then they upgrade later (or not).

If the personal loan is a must, know that unsecured personal loans are pretty tough. Best bet is to go through your current bank or credit union, where you have an established history.
 
If she knows that you don't make a lot of money, why is buying an affordable ring "not gonna fly"?
 
Do you have a 401k?


If so than get a loan against it, yeah its your own money but the interest rate you get just doesn't compare to what these banks are offering.
 
Off topic but I recently started working at a buy here pay here dealership and the amount of people with bad credit is crazy. Im talking low 400s and some in the 3s.

Our interest rate is 24%-29% 
sick.gif
 
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Start small like I did, courthouse, matching gold bands from da pawn shop. Big wedding after party.

5 years later after home and finances in order. Upgrade both of your rings or hers to some diamomds.

Play it smart and save $$$
 
No experience with personal loans or buying expensive jewelry, but if she's the one, do what you gotta do to get that rock.

Congrats and good luck OP
happy.gif
 
 
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raburns04 said:
^ It's a good point, though. How important is an expensive ring to your lady? And how ready are you guys to be married now? I've known tons of couples who marry on a shoestring budget (inexpensive ring, small ceremony) because they'd rather start life together in good financial shape (maybe buy a house, pay off some student debt), then they upgrade later (or not).

If the personal loan is a must, know that unsecured personal loans are pretty tough. Best bet is to go through your current bank or credit union, where you have an established history.
Click to expand...

This is part of the problem. I moved about a year ago. New banks and job are prob not a good look for me as lenders see it. Im going to go to the credit union and see what they say. Worst case scenario is i get my girl to co sign. Her dti is higher cuzza student loans but she makes alot more than me and has a higher score
 
Mark Antony said:
No 401k like someone mentioned?
Click to expand...

Not going to do that for several reasons. But yea im definately prepared to get raped for an unsecured loan but u gotta do what ya gotta do sometimes. An extra 200 a month will def hurt but there are things i can do to soften the blow. I dont spend much on myself anyway. The occassional cole haans on super clearance or fishing/shooting gear.
 
JEWSEEJAY said:
So im gunna pop the question finally to my old lady and starting to realize my bull headed approach to spending as little as possible on an engagment ring is just not gunna fly hah in light of this i decide to take out a small personal loan.

Now im only talkin 5k or so and have pretty good credit so i m thinkin no problem. I do the lending club rate approval thing and they deny me immediately and send email saying I have too few number of open trades...

My credit score is 727. I dont make alot of money anymore but i also dont have much debt. My total debts are about half of my annual income. When they calculate the dti im not sure of they use monthly or yearly figures but i dont get it.

What should i do? Open another credit card and jus dont use it n wait for the hard inquiry to drop off?

I couldddd jus save the money but aint nobody got time fo dat. Thought this was america

Thoughts?
Click to expand...

Never took out a personal loan, places usually offer financing though or you don't want to go that route?
 
JEWSEEJAY said:
Mark Antony said:
No 401k like someone mentioned?
Click to expand...

Not going to do that for several reasons. But yea im definately prepared to get raped for an unsecured loan but u gotta do what ya gotta do sometimes. An extra 200 a month will def hurt but there are things i can do to soften the blow. I dont spend much on myself anyway. The occassional cole haans on super clearance or fishing/shooting gear.
Click to expand...

Then a credit union is your best bet.
 
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